The closing balance of notes payable for each month. Given information: Accounts receivables assigned for $900,000. Borrowed amount is $850,000. Interest is 6% payable on balance of loan at the beginning of the month Accounts receivables collected are $100,000 in April, $487,000 in May and $113,000 in June.

Question

Want to see the full answer?

Answer 1

Question

Chapter 9, Problem 9.8P

a.

To determine

The closing balance of notes payable for each month.

Given information:

Accounts receivables assigned for $900,000.

Borrowed amount is $850,000.

Interest is 6% payable on balance of loan at the beginning of the month

Accounts receivables collected are $100,000 in April, $487,000 in May and $113,000 in June.

b.

To determine

To prepare: The journal entries to record the financing arrangement.

Given information:

Accounts receivables assigned for $900,000.

Borrowed amount is $850,000.

Interest is 6% payable on balance of loan at the beginning of the month

Accounts receivables collected are $100,000 in April, $487,000 in May and $113,000 in June.

c.

To determine

The accounting treatment in case of pledging.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Need answer the financial accounting question not use ai and chatgpt

What is the material price variance?

What is that overhead rate?

Answer 2

Question

Chapter 9, Problem 9.8P

a.

To determine

The closing balance of notes payable for each month.

Given information:

Accounts receivables assigned for $900,000.

Borrowed amount is $850,000.

Interest is 6% payable on balance of loan at the beginning of the month

Accounts receivables collected are $100,000 in April, $487,000 in May and $113,000 in June.

b.

To determine

To prepare: The journal entries to record the financing arrangement.

Given information:

Accounts receivables assigned for $900,000.

Borrowed amount is $850,000.

Interest is 6% payable on balance of loan at the beginning of the month

Accounts receivables collected are $100,000 in April, $487,000 in May and $113,000 in June.

c.

To determine

The accounting treatment in case of pledging.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 9, Problem 9.8P

a.

To determine

The closing balance of notes payable for each month.

Given information:

Accounts receivables assigned for $900,000.

Borrowed amount is $850,000.

Interest is 6% payable on balance of loan at the beginning of the month

Accounts receivables collected are $100,000 in April, $487,000 in May and $113,000 in June.

b.

To determine

To prepare: The journal entries to record the financing arrangement.

Given information:

Accounts receivables assigned for $900,000.

Borrowed amount is $850,000.

Interest is 6% payable on balance of loan at the beginning of the month

Accounts receivables collected are $100,000 in April, $487,000 in May and $113,000 in June.

c.

To determine

The accounting treatment in case of pledging.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 9, Problem 9.8P

a.

To determine

The closing balance of notes payable for each month.

Given information:

Accounts receivables assigned for $900,000.

Borrowed amount is $850,000.

Interest is 6% payable on balance of loan at the beginning of the month

Accounts receivables collected are $100,000 in April, $487,000 in May and $113,000 in June.

b.

To determine

To prepare: The journal entries to record the financing arrangement.

Given information:

Accounts receivables assigned for $900,000.

Borrowed amount is $850,000.

Interest is 6% payable on balance of loan at the beginning of the month

Accounts receivables collected are $100,000 in April, $487,000 in May and $113,000 in June.

c.

To determine

The accounting treatment in case of pledging.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 9, Problem 9.8P

a.

To determine

The closing balance of notes payable for each month.

Given information:

Accounts receivables assigned for $900,000.

Borrowed amount is $850,000.

Interest is 6% payable on balance of loan at the beginning of the month

Accounts receivables collected are $100,000 in April, $487,000 in May and $113,000 in June.

b.

To determine

To prepare: The journal entries to record the financing arrangement.

Given information:

Accounts receivables assigned for $900,000.

Borrowed amount is $850,000.

Interest is 6% payable on balance of loan at the beginning of the month

Accounts receivables collected are $100,000 in April, $487,000 in May and $113,000 in June.

c.

To determine

The accounting treatment in case of pledging.

Answer 6

Chapter 9, Problem 9.8P

a.

To determine

The closing balance of notes payable for each month.

Given information:

Accounts receivables assigned for $900,000.

Borrowed amount is $850,000.

Interest is 6% payable on balance of loan at the beginning of the month

Accounts receivables collected are $100,000 in April, $487,000 in May and $113,000 in June.

Answer 7

Chapter 9, Problem 9.8P

a.

To determine

The closing balance of notes payable for each month.

Given information:

Accounts receivables assigned for $900,000.

Borrowed amount is $850,000.

Interest is 6% payable on balance of loan at the beginning of the month

Accounts receivables collected are $100,000 in April, $487,000 in May and $113,000 in June.

Answer 8

b.

To determine

To prepare: The journal entries to record the financing arrangement.

Given information:

Accounts receivables assigned for $900,000.

Borrowed amount is $850,000.

Interest is 6% payable on balance of loan at the beginning of the month

Accounts receivables collected are $100,000 in April, $487,000 in May and $113,000 in June.

Answer 9

b.

To determine

To prepare: The journal entries to record the financing arrangement.

Given information:

Accounts receivables assigned for $900,000.

Borrowed amount is $850,000.

Interest is 6% payable on balance of loan at the beginning of the month

Accounts receivables collected are $100,000 in April, $487,000 in May and $113,000 in June.

Answer 10

c.

To determine

The accounting treatment in case of pledging.

Answer 11

c.

To determine

The accounting treatment in case of pledging.

Answer 12

Expert Solution & Answer

Answer 13

Expert Solution & Answer

Answer 14

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 15

Ch. 9 - Prob. 9.1Q Ch. 9 - Do companies always classify cash as a current...Ch. 9 - Prob. 9.3Q Ch. 9 - Do accountants typically measure accounts...Ch. 9 - Under the allowance method, will the actual...Ch. 9 - How does an entity record a subsequent recovery of...Ch. 9 - Does the aging of accounts receivable method of...Ch. 9 - What is the difference between pledging accounts...Ch. 9 - How do companies account for receivables that are...Ch. 9 - Is the face value of a note receivable exchanged...

Solution Summary: The author explains journalizing as the process of recording the transactions of an organization in a chronological order.

Videos

The accounting treatment in case of pledging.

Want to see the full answer?

Chapter 9 Solutions